Overseas Student Loans

Hello sir, I am Abhijeet Singh. I am from Mumbai. I want you to help me by giving me some information about the loans for Indian students for overseas studies. Can you give me some details about it?

[Shaleen]

As you have asked about the loans for Indian students for overseas studies, I
am giving you some information about it

In consultation with Reserve Bank of India (RBI) and Indian Banker's
Association (IBA), the Government of India has framed a Comprehensive
Educational Loan Scheme. The new scheme covers all type of courses
including professional courses in schools and colleges in India and abroad.



The salient features of the scheme related to study abroad are:

The scheme envisages loans up to Rs. 15 lacs for studies abroad.

For loans up to Rs. 4 lacs no collateral or margin is required and the
interest rate is not to exceed the Prime Lending Rates (PLR). For loans above
Rs. 4 lacs the interest rate will not exceed PLR plus 1 percent.

The loans are to be repaid over a period of 5 to 7 years with provision of
grace period of one year after completion of studies.



State Bank of India

The State Bank of India offers the SBI Student Loan Scheme for Indian
nationals to pursue their education abroad.

For studying abroad, the maximum amount of loan given is Rs. 30 lacs and
the repayment will commence one year after completion of course or 6
months after securing a job



Allahabad Bank
The Allahabad Bank offers education loans to Indian nationals who secure admission to professional or technical courses in recognized institutions abroad
The quantum of loan provided is need based subject to repaying capacity of the parents or students with a ceiling of Rs. 20 lacs.

Some other Top Education Loan Providers in India to study abroad on similar terms as that of Allahabad Bank Education Loan are:

ICICI Bank
Union Bank of India
J & K Bank
Bank of Maharashtra
Bank of Baroda
Central Bank of India
Bank of India

HDFC Bank
The features of the HDFC Bank Education Loan for Foreign Education are:
Education loans up to Rs. 20 lacs and unsecured lending up to Rs. 7.5 lacs are provided.
No collateral is required for loans up to Rs. 7.5 lacs.
The maximum repayment tenure is up to 15 years post moratorium period.